Possible Refund for Foreign Home Buyers in B.C.

Can you get a Rebate on your new Vancouver home?

The B.C. government is looking in to the possibility of offering a rebate to foreign nationals who previously have paid the Foreign Home Buyer Tax. As a way to make taxes fairer for all, Finance Minister Mike de Jong may consider looking into the finer details for previous purchased homes.

The refund would apply to eligible candidates who paid the homebuyer tax on their property, but shortly after obtained permanent resident status or Canadian citizenship.

The announcement comes just days after premier Christy Clark announced the amendment of the Foreign Homebuyer Tax for the Metro Vancouver area. The new change applies to foreign nationals who have paid taxes in B.C. or individuals with a work permit to be exempt from the 15% tax implemented last August.

What do you think of the proposed changes? Let me know in the comments below!

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